Question
What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places. Show all work and how you arrive at the answer..
294
likes1470 views
Answer to a math question What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places. Show all work and how you arrive at the answer..
Fred
4.4118 Answers
Solution:
For simple interest, A=P\left(1+rt\right) For payment due 23 months, 3300=P\left(1+\left(0.027\right)\left(23\right)\right) P=\frac{3300}{1+\left(0.027\right)\left(23\right)} P\approx2035.78 For payment due 7 months, A=2035.78\left(1+\left(0.027\right)\left(7\right)\right) A\approx2420.54
Answer: $2,420.54
Frequently asked questions (FAQs)
What is the limit of (x^2 + 1) / (x - 1) as x approaches 1?
+
What is the median of the following set of numbers: 8, 10, 5, 3, 9, 7, 6?
+
Math Question: How does changing the coefficient 'a' in the standard parabola function (𝑦 = ax^2) affect the shape and position of the graph?
+
New questions in Mathematics